In the real estate business, the three most important things are location, location and location.  To some extent, the same is true with websites.  Easy-to-remember web addresses are a valuable commodity that can be bought and sold.   In recent years, many people with a little foresight purchased many of the most sought after web addresses and subsequently sold them for a good profit.  Fortunately, there still are plenty of good web address names available.  Although they might not be quite as short or memorable as some, they can sometimes be better.  You just need to use your imagination and learn a few tricks about selecting appropriate names.  

Virtual domain names (web addresses) today are a bargain.  Good "dot.com" addresses are normally more difficult to find than "dot.net" or "dot.org" web addresses. 

There are a number of free tools available on the internet to help you search for domain names.  Virtual domain names can be purchased online and either "parked" or used immediately.

The real benefit to having your own virtual domain name is portability.  You can set up your website in Los Angeles, move it to Hong Kong and then ship it to London, all in one week.  This "freedom of movement" means that you are not tied to a given web server or web hosting company.  If you are displeased with the service, technical performance, cost or features that your web host provides, you can easily move elsewhere while retaining your virtual domain name.

Another advantage to owning a domain name is resale.  If, for example, you develop and grow a successful commercial site that receives half a million hits per month, that "real estate" address becomes a very valuable commodity!  Obtaining a virtual address, with an appropriate name, that you truly own, is certainly an important step to developing a commercially viable website.

Some web hosting companies provide a virtual domain name at little or no cost, provided that you use their web hosting services.